Gifting a car?

[raylon22]

I'm selling my car to a good friend of mine for 16.5k and the sales tax equates to ~$1400. We talked about me gifting the car for her to avoid tax but Iwasn't sure if it would come back and bite me in the future. I heard that the DMV still puts a value on gifts and you have to pay tax for their price butif I just gift it for some low amount, no problems will occur. I live in WA by the way. I did try calling the DMV but I've been on hold for the longest.Suggestions or experiences?

 

[georgehimself]

Sell it for "$100." Pay the taxes on the hundred and pocket the rest.

 

[mateen cleaves]

i smell a scam

 

[mangudai954]

If I remember correctly you cant gift a car that's worth over 12k blue book? Maybe im talking nonsense.

 

[mjbetch]

yeah something like that sounds good. the thing is, they might go by the kelly blue book. i forgot what i did with my old car.

 

[frankmatthews]

When you go to transfer the title they will ask how much you paid. If you tell em it was a gift they have a book they will look the value up and charge you taxbased on their book value.

 

[sheistbugz]

just sell it for some amount like $1500 or less, pay taxes on that, and have your friend throw you that $15g outta the books. %!$* outta here, dont pay $1500in taxes when the govt just gonna blow it anyway.

 

[kanyewestjayz4life]

Your going to get caught like nas.

 

[raylon22]

Originally Posted by Mangudai954

If I remember correctly you cant gift a car that's worth over 12k blue book? Maybe im talking nonsense.

Any truth to this?

Originally Posted by Mateen Cleaves

i smell a scam

How so? We're good friends and just trying to help her out.

Originally Posted by sheistbugz

just sell it for some amount like $1500 or less, pay taxes on that, and have your friend throw you that $15g outta the books. %!$* outta here, dont pay $1500 in taxes when the govt just gonna blow it anyway.

I might just do this or maybe a bit more just to be safe.

 

[mangudai954]

Also, doesn't setting the value affect your insurance? Again, maybe im wrong

 

[13saldana13]

Originally Posted by sheistbugz

just sell it for some amount like $1500 or less, pay taxes on that, and have your friend throw you that $15g outta the books. %!$* outta here, dont pay $1500 in taxes when the govt just gonna blow it anyway.

Yeeeeaaaa, I don't think you can do that. It's not that easy, the dMV deals with this type of stuff everyday, no one likes paying taxes,you think they don't know that. I like to think of taxes like this, "I can scam them a bit, but not too much because then they rape me". Think ofa cheap price that the DMV will find believable, then reduce it by a couple hundred or maybe a g and tell them it's a gift. Make sure the price you thinkof is in range with the blue book price.